Today’s News Synopsis:
New U.S. home sales declined 2.2% in December according to Bloomberg. In other news, 30-year mortgage rates increased for the first time from their lowest recorded level, having come about after the Federal Reserve promised to keep interest rates near 0. In a recent vote in the Senate, Obama was allowed to raise the debt ceiling to $16.4 trillion.
In The News:
Bloomberg – “Foreclosure Properties Fall to 20% of Home Buys” (1-25-12)
“Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.”
DS News – “Illinois AG Sues S&P” (1-26-12)
“Illinois Attorney General Lisa Madigan filed a lawsuit against Standard & Poor’s (S&P) this week alleging the ratings agency inflated ratings of mortgage-backed securities investments, an act Madigan believes stemmed the financial crisis.”
Bloomberg – “Sales of U.S. New Homes Unexpectedly Decline in December” (1-26-12)
“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”
NAHB – “Remodeling Market Index Rises to Five-Year High” (1-26-12)
“Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released today, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter.”
Bloomberg – “30-Yr Mortgage Rates Rise From Record Low” (1-26-12)
“Rates for U.S. 30-year mortgages climbed from the lowest level on record after Federal Reserve officials pledged to keep their benchmark interest rate near zero through at least late 2014 to help bolster the economy.”
Housing Wire – “Unemployed homebuilders migrate to multifamily jobs” (1-26-12)
“Single-family housing starts plummeted in 2011, but construction workers are finding jobs anyway by migrating to multifamily projects.”
Los Angeles Times – “Recovery roadblock? Mortgage burdens keep job seekers from moving” (1-26-12)
“In what could end up becoming a vicious cycle of economic hurt, struggling homeowners who aren’t relocating for new jobs may stymie employers’ long-range growth. So says a report from outplacement consultancy Challenger, Gray & Christmas Inc., which finds that about 7.5% of job hunters who found new positions ended up moving to a new home for work in the latter half of 2011.”
CNN Money – “First-time unemployment claims climb” (1-26-12)
“After plunging the week before, first-time claims for unemployment benefits ticked up last week. The Labor Department reported Thursday that 377,000 people filed for initial unemployment benefits in the week ended Jan. 21, up 21,000 from a revised reading of 356,000 claims the week before.”
San Francisco Chronicle – “Economy gains as businesses spend more, fire less” (1-26-12)
“Businesses are growing more confident in the economy, investing in more equipment and laying off fewer workers. Government figures on manufacturing and unemployment claims released Thursday raised hopes on the eve of a report on how much the economy grew in the October-December quarter.”
Bloomberg – “Commercial Property Sales Rose to More Than $220 Billion in U.S. Last Year” (1-26-12)
“Commercial property sales rose 57 percent to more than $220 billion U.S. last year, led by retail properties and garden apartments, Real Capital Analytics Inc. said in a report today.”
Housing Wire – “Senate clears $1.2 trillion debt ceiling raise” (1-26-12)
“The Senate voted 44-52 Thursday clearing President Obama to raise the debt ceiling by $1.2 trillion. The ceiling will go to $16.4 trillion and, according to some estimates, may be breached again around the time of the November elections.”
Hard Money Loan Closed
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 1 bathroom home appraised for $67,000.
California Real Estate Investor Events:
Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
Looking Back:
The MBA reported mortgage application volume fell 12.9% the week of January 21, 2011. According to the Commerce Department, new home sales dropped 7.6% year over year. $1.5 trillion in commercial debt was set to mature by 2014. A total of 58,020 loan modifications were canceled, said the Treasury Department.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.
California Real Estate Investing News is a post from: The Norris Group